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News Centre MoneySwap appointed as China UnionPay MoneyExpress partner

For immediate release: 14 May 2012

 
MoneySwap Plc
("MoneySwap", the “Group” or the "Company")
 
MoneySwap appointed as China UnionPay MoneyExpress partner
 
MoneySwap Plc (AIM:SWAP), the Asia focused pre-paid card and online money services business, and China UnionPay, one of the largest bankcard network operators , are pleased to announce a partnership appointing MoneySwap as a global partner for China UnionPay’s MoneyExpress Service.
 
China UnionPay’s newly launched MoneyExpress Service enables individuals and businesses outside of China to send funds directly to holders of UnionPay debit and credit cards within China in a secure, convenient and prompt manner. Through MoneyExpress, a fund transfer into China can be verified within minutes significantly reducing the time associated with sending funds from overseas compared with traditional transfer methods.
 
Funds received via MoneyExpress onto a UnionPay card may then be withdrawn as cash at ATM’s or spent in shops in the normal way. Indeed, as a result of UnionPay card’s increasingly wide acceptance, funds received via MoneyExpress can be withdrawn in local villages and towns across China in addition to the major cities. The Directors of MoneySwap believe this gives the service a significant competitive over other international transfer services currently operating in China.
 
Under the partnership programme, MoneySwap will be responsible for establishing a network of MoneyExpress remittance points internationally where individuals or businesses wishing to send funds to China can access the service over the counter, via the internet or via a mobile. MoneySwap will receive revenue from MoneyExpress on a per transaction basis. The MoneySwap platform will be used to facilitate transactions for settlement and to build up a community of MoneyExpress users.
 
Worldwide remittance flows are estimated to have reached $351 billion in 2011 and are expected to increase to $441 billion by 2014 (source: Migration and Development Brief 17 published on the official website of the World Bank on 1 December 2011). The top recipients of remittances in 2011 were India ($58 billion), followed by China ($57 billion) (source: Migration and Development Brief 17 published on the official website of the World Bank on 1 December 2011). The Directors consider that the factors contributing to this remittance flow include the growing number of Chinese nationals travelling, working and studying abroad and those who have migrated.
 
Richard Proksa, Chief Executive Officer of MoneySwap, commented:
“This agreement represents an important milestone and significant opportunity for MoneySwap for our continued growth not only in the Asia Pacific region but internationally. China UnionPay is a highly respected bankcard brand and has unparalleled reach across China, that is the world's second largest recipient of remittances.  We are delighted to be partnering with China UnionPay and being able to serve the needs of individuals and businesses outside of China with the compelling benefits of the MoneyExpress service.”
 
- Ends –
 
For further information, please contact:
 

MoneySwap Plc
Allenby Capital Limited
GTH Communications
 
Nominated Adviser
Financial PR
Richard Proksa
Chief Executive Officer
Nick Naylor
Alex Price 
James Reeve
Toby Hall 
 
Suzanne Johnson Walsh
+852 3919 9888  
+44 20 3328 5656
+44 203 103 3900

 
About MoneySwap (www.moneyswap.com)
MoneySwap Plc has its operational headquarters in Hong Kong. Primarily focused on the Asia market, the Group offers pre-paid card services and also operates an online peer to peer foreign exchange and payment platform. The Group's pre-paid card services are primarily aimed at Asian travellers and enable them access to local currencies from ATMs, point of sales and on line purchases in Europe and the United States. The Group's online money services platform facilitates peer to peer currency exchange and payments either between e-wallets or international money transfers through the global banking system. The Group has banking relationships with DBS Bank in Singapore as well as HSBC in Hong Kong together with various local domestic banks in other countries. Its shares are traded on the London Stock Exchange's AIM market (AIM:SWAP.L).
 
About China UnionPay
China UnionPay operates the national inter-bank clearing and settlement system, develops the worldwide UnionPay card acceptance network, promotes the issuance and usage of the UnionPay card as well as other innovative payment solutions, to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay card issued both at home and aboard has exceeded 2.9 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, China UnionPay has enabled the UnionPay card acceptance in over 125 countries and regions through extensive cooperation with about 400 institutions around the world. Additional information may be found at: www.unionpay.com.